IREN (NASDAQ:IREN) Shares Up 1.7% – Time to Buy?

IREN Limited (NASDAQ:IREN) shares were up 1.7% on Tuesday . The company traded as high as $35.77 and last traded at $35.74. Approximately 22,219,346 shares were traded during trading, a decline of 42% from the average daily volume of 38,239,063 shares. The stock had previously closed at $35.13.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on IREN shares. Wall Street Zen lowered shares of IREN from a “hold” rating to a “strong sell” rating in a research note on Saturday, February 7th. B. Riley Financial reiterated a “buy” rating on shares of IREN in a research note on Friday, February 6th. The Goldman Sachs Group started coverage on shares of IREN in a research note on Thursday, December 18th. They set a “neutral” rating and a $39.00 target price for the company. HC Wainwright raised shares of IREN from a “sell” rating to a “buy” rating and set a $80.00 price objective for the company in a research report on Tuesday, January 13th. Finally, Weiss Ratings raised shares of IREN from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, March 9th. Thirteen equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, IREN currently has a consensus rating of “Moderate Buy” and a consensus target price of $71.69.

IREN Stock Performance

The business’s 50-day moving average price is $42.56 and its 200-day moving average price is $47.70. The company has a debt-to-equity ratio of 1.51, a quick ratio of 4.96 and a current ratio of 4.96. The stock has a market cap of $11.88 billion, a P/E ratio of 26.87 and a beta of 4.30.

IREN (NASDAQ:IREN) last issued its quarterly earnings data on Thursday, February 5th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.37). The business had revenue of $184.69 million for the quarter, compared to the consensus estimate of $229.64 million. IREN had a net margin of 56.59% and a negative return on equity of 10.01%. IREN’s revenue for the quarter was down 23.1% on a year-over-year basis. As a group, sell-side analysts expect that IREN Limited will post 0.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of IREN. Global Retirement Partners LLC bought a new position in IREN in the 3rd quarter worth $25,000. Miller Wealth Advisors LLC boosted its holdings in IREN by 240.0% in the 4th quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock worth $26,000 after buying an additional 480 shares during the period. North Star Investment Management Corp. bought a new position in IREN in the 4th quarter worth $26,000. Clearstead Trust LLC bought a new position in IREN in the 4th quarter worth $27,000. Finally, Aventura Private Wealth LLC bought a new position in IREN in the 4th quarter worth $28,000. Institutional investors own 41.08% of the company’s stock.

About IREN

IREN Limited, formerly known as Iris Energy Limited, owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.